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K33Research: Cryptocurrency Spike Indicates Retail Investors Returning to Market

According to K33Research, a notable spike in website traffic to cryptocurrency exchanges suggests a gradual return of retail investors to the market.

Senior Analyst Vetle Lunde observed a significant increase in website traffic for crypto exchanges, with a 45% rise in 90-day traffic from August to October. This trend continued, with the total volume of traffic on crypto exchanges reaching 801 million from December 2023 to February 2024, representing a 45% increase compared to the previous period.

Despite these gains, the latest figures remain below the peak recorded in June to August 2022, when traffic reached 910 million. This period coincided with the onset of a bear market and the collapse of several major cryptocurrency firms.

Lunde notes that the recent surge in traffic indicates that “retail is gradually returning to the market,” likely driven by the recovery of the cryptocurrency market since late 2023, buoyed by Bitcoin’s price increase and anticipation of spot Bitcoin ETF approvals.

CoinMarketCap and CoinGecko also experienced significant growth, with traffic volume increasing by 66% from August to October 2023 to 519 million from December 2023 to February 2024. However, these figures still lag behind the levels seen during the summer of 2022.

On March 5, Bitcoin reached a new all-time high, surpassing $69,000, and has seen a 60% price increase over the past month, with a market capitalization exceeding $1.34 trillion. This surge in demand for Bitcoin is attributed to the influx of capital into U.S. Bitcoin spot ETFs launched in January and anticipation surrounding the upcoming halving expected in April.

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